Global Herbal Supplements Market was valued at US $ 5.26 billion in 2017 and is expected to reach US $ 8.8 billion by 2026, at a CAGR of 6.64% over a forecast period.
The herbal supplements market is primarily segmented into product, formulation, source, function, application, and region.
Also, the herbal supplement market based on the product includes Moringa, Echinacea, Flaxseed, Turmeric, Ginger, and Ginseng. The herbal supplements market in terms of formulation is categorized into liquid, powder and oils, soft gels, capsules and tablets, syrups, and others. Based on the herbal supplement market, the source segment is divided into leaves, fruits and vegetables, bark, roots and others. In terms of functional segment, the herbal supplements market is categorized into drugs, flavoring, and others. In addition, the application based herbal supplements market includes pharmaceuticals, food and beverage, and personal care.
Based on regions, the global herbal supplements market is divided into five major regions – America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
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Global Herbal Supplements Market
In terms of formulation, the capsules and tablets segment has dominated the market due to the growth of the pharmaceutical industry and the consumer preference for tablets and capsules due to the ease of consumption.
On the basis of applications, the pharmaceutical segment holds the largest market share due to the increasing effectiveness of research and development initiatives by manufacturers.
Another source segment, leaf segment accounted for the largest market share, herbal supplements largely consist of leaves of plants. The leaves of medicinal plants contain medicinal properties, which are extracted for the production of herbal supplements. Ginkgo biloba and Camellia sinensis which is green tea are some of the leaf extracts commonly used to make herbal supplements.
In terms of function, the medicinal segment accounted for the largest share due to the medicinal function of herbal plants without side effects resulting in increased demand. Growth is also expected in developing regions such as Africa which offers considerable opportunity for the growth of the herbal supplements market in developing regions due to high consumer acceptability.
The major driving factor behind the global herbal supplements market is the increasing inclination towards natural products, awareness of preventative healthcare, growing number of self-diagnosed or self-diagnosed consumers, and increasing spending on healthcare and of well-being. In addition, the growth of the elderly population coupled with the increasing prevalence of chronic diseases is also driving the demand for herbal products across the world. Herbal supplements help maintain cholesterol levels, regulate the digestive system, and reduce stress. Thus, the increased awareness of the health benefits offered by herbal products is also expected to drive the market growth.
Herbal supplements are less effective hence causing delayed recovery in many medical conditions which are hampering the growth of the market.
Many drug companies are launching herbal medicine products because these products are less prone to side effects. These factors therefore constitute a beneficial opportunity for the Herbal Supplements market during the forecast period.
On the basis of region, Asia-Pacific region dominates the global herbal supplements market and is also expected to grow at the highest CAGR during the forecast period owing to the increasing number of health-conscious young people, the growing tendency for self-diagnosis by young couples, the increased consumption of fast food, which is less nutritional, the increase in disposable income among middle-class families, personal factors, functional factors and social factors.
The major players operating in the global herbal supplements market are Archer Daniels Midland Company, Glanbia PLC, Herbalife International of America, Inc., Blackmores Limited, Nutraceutical International Corporation, Nbty, Inc., Arizona Natural Products, Ricola AG, Naturalife Asia Co., Ltd., and Bio-Botanica Inc.
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Scope of the Global Herbal Supplements Market:
Global Herbal Supplements Market, By Product:
Global Herbal Supplements Market, By Formulation:
• Powder and oils
• Soft gels
• Capsules and tablets
Global Herbal Supplements Market, By Source:
• Fruits and vegetables
Global Herbal Supplements Market By Function:
Global Herbal Supplements Market By Application:
• Pharmaceutical products
• Food and drinks
• Personal care
Global Herbal Supplements Market, By Region:
• North America
• Middle East and Africa
• Asia Pacific
• Latin America
Key Players Operating in the Global Herbal Supplements Market:
• Archer Daniels Midland Company
• Glanbia SA
• Herbalife International of America, Inc.
• Limited Blackmores
• International nutraceutical company
• Nbty, Inc.
• Arizona Natural Products
• Ricola SA
• Naturalife Asia Co., Ltd.
• Bio-Botanica Inc.